Gold Holds One-Week Peak as U.S.-China Tensions Keep Demand Afloat
Tuesday, 2 June 2020 13:08 WIB | PRECIOUS METALS |GOLDEMAS

Gold prices on Tuesday held on to last session™s more than one-week high on concerns around U.S.-China relations and as rising violent protests in the United States stoked fears of a resurgence in virus cases, while optimism on reopening of economies checked their rise.

Spot gold was flat at $1,739.48 per ounce, as of 0344 GMT. U.S. gold futures rose 0.1% to $1,752.10.

The U.S. is likely to revoke Hong Kong™s special status, and China would retaliate by limiting purchase of U.S. products- putting the China-U.S. trade deal in doubt, and providing support to gold; while the easing of lockdowns is limiting gains, Sharma added.

œIt appears that there are factors both supporting, and limiting appreciation in the gold price, said National Australia Bank economist John Sharma.

In a sign that the worst of the economic downturn from the coronavirus pandemic might be over, U.S. manufacturing activity crawled up slightly from an 11-year low, and China™s factory activity unexpectedly returned to growth- in May.

Source : Reuters

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